Azerbaijan, Baku, September 17 / Trend , U.Ismayilova /
Chamber of Auditors of Azerbaijan will soon conclude work on a professional translation of international auditing standards from English into Azeri, as well as their edition, the head of the Chamber Vahid Novruzov said on Sept. 17.
"I suppose that the full implementation of International Standards on Auditing in Azerbaijan will start from the next year," said Novruzov.
According to him, the introduction of international standards on auditing will be carried out after World Bank approves grant within CAP/SAP program.
"But even if the WB does not allocate these funds, we intend to implement this work at our own expense," said Novruzov.
The total cost of the Corporate and Fiscal Accounting Project is $24 million. The International Development Association (of WB) provided $11 million (for a period of 35 years with a grace period of 10 years), Japan Government allocated a 3-million-dollar grant, the Swiss Government allotted a two-million-dollars grant, and the Azerbaijani Government provided $8 million.
The project envisages $6 million for introduction of IFRS in the commercial sector, $10 million for the International Public Sector Accounting Standards (IPSAS), Public Internal Finance Control), and improvement of external audit in the public sector, as well as $8 million for improvement of accounting and auditing management. Swiss State Secretariat's funds will be spent for improving internal financial controls over public revenues management (the state budget and enterprises). Advisory services are envisaged to support transformation of the Accounting Chamber into an independent Higher Audit Institute.
Azerbaijan has prepared 28 national commercial standards. There are 35 standards of financial reporting and auditing in the world. Azerbaijan's state sector launched transition to IFRS from Jan. 1, 2008.
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